Turkish Cypriot tycoon sentenced to 10 years

Last Updated: Thursday, August 23, 2012 - 19:31

London: A British judge has sentenced Turkish Cypriot tycoon Asil Nadir to 10 years in prison following his conviction on charges of stealing millions from his collapsed business empire.

Judge Timothy Holroyde today sentenced Nadir to consecutive sentences of five years each, which would allow Nadir to be released on parole after five years.

Nadir was convicted of stealing a total of USD 45 million from Polly Peck International, which he built from a small textile firm into a conglomerate with interests in food, electronics and the leisure industry.

The company collapsed in 1990 with debts of 550 million pounds. Nadir fled to Northern Cyprus shortly before he was to stand trial in 1993.

He returned voluntarily two years ago, saying he wanted to clear his name.

PTI



First Published: Thursday, August 23, 2012 - 19:31

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